bankers professional liability insurance

How to Protect Your Bank From Liability Risks

The banking industry faces a broad range of liability exposures. The potential risks can threaten community and private banks alike. Despite your best efforts to prevent unforeseen perils, there are circumstances that can undermine the financial integrity of your institution. Examples of the problems the finance sector encounters include ERISA, employment discrimination, breach of fiduciary duty and lender liability claims. Whatever the risk, bankers professional liability insurance provides comprehensive protection for handling these risks.

There are several types of coverage plans available for banking institutions. Employment practices liability provides addresses the needs of employees, officers, and directors. It protects against exposures such as wrongful termination, sexual harassment and discrimination allegations. Directors and officers liability is a policy that protects these individuals from lawsuits for alleged acts of impropriety as well as claims associated with shareholder disputes and employment policies. Bankers professional liability safeguards the bank and its employees from claims related to issues such as offering bad financial advice to clients. Errors and omissions is another policy that defends your institution against claims alleging poor performance or negligence with the delivery of professional services.

There are so many factors that can leave your bank vulnerable to lawsuits. With bankers professional liability insurance, you’ll have the coverage necessary for handling any legal risk.

commercial insurance in Bergen County

Find the Best Insurance Fit for Your Business

As a business owner, you have a lot to worry about without throwing insurance into the mix, which is why you should let a professional insurance agent give you a helping hand. While you’re overseeing your employees and making sure that customers are satisfied, the right commercial insurance in Bergen County can protect you from events you cannot control, such as a slip and fall on your property, an E&O lawsuit or a cyberattack. Work with a knowledgeable agent to identify your risks and create a policy that will protect you against them all.

Too many businesses assume that general liability coverage is good enough, but the truth is that mid-sized businesses have numerous exposures that can be costly if not covered against. From physical crime to cyber theft and from car accidents to equipment breakdown, there are several unforeseeable risks that your business is subject to. If you don’t have the right coverage, you may find yourself saddled with a hefty bill for an unplanned loss. Ensure that you have the right coverage and talk to your agent about equipment breakdown coverage, fiduciary liability, professional liability, workers’ compensation and other coverage options.

When you’re ready to purchase commercial insurance in Bergen County, don’t try to build your policy on your own. Work with a knowledgeable agent to properly identify your risks and create a package that will wholly protect you from them.

single pay life insurance

Useful Options on Purchasing a Life Policy

Buying insurance is not something you should rush into because choosing the right type of life insurance can really help to ensure your family’s security in the future. While there are many options available when buying life insurance, one type of payment option for many purchasers is single premium, or single pay life insurance, which allows you to secure your family’s well being with just one, lump-sum payment.

Traditional life insurance policies require you, as the policyholder, to pay premiums on a regular basis, such as monthly or semi-annually, or yearly throughout the life of the policy. At your passing, your beneficiaries will then receive their benefit payment. In contrast, single premium life insurance doesn’t require regular premium payments.

Benefits of a single premium insurance policy

Once effective, cash value exists in a single pay life insurance policy. The larger the initial premium payment, the larger the death-benefit payout will be. Because the initial premium payment is a considerable amount, the cash value compounds and grows quickly. While that cash value grows, it remains tax-deferred. Generally, the death benefit passes on to beneficiaries’ income tax-free.

The amount of the death benefit can depend on a number of factors, including the size of the single payment and the age of the policyholder. The younger the policyholder, the more time allowed for cash value growth. Single premium policies can accumulate in cash value based on a fixed rate for the life of the policy. Policyholders who want to avoid risk and market fluctuation may decide to choose this option.

Or you can opt for a single premium “variable life” policy that accumulates cash value based on current market rates. This type of policy allows the policyholder to choose the way the funds will be invested and managed but it is also subject to the ups and downs that often occur in the financial market.

Some useful features available in single pay policies include provisions for access to the cash value of the policy in the event of illness, permanent disability, retirement or any other circumstances requiring access to funds. You should consider these wonderful benefits when deciding if single pay life insurance is the right policy for you.

 

fiduciary liability insurance claim examples

Fiduciary Claims are a Common Business Concern

Fiduciary liability insurance is targeted at protecting businesses’ and employers’ assets against fiduciary-related claims of mismanagement of a company’s employee benefit plans. The policy helps cover the legal expenses of defending against the claim. In addition, it will pay for any financial losses the plan may have incurred due to errors, omissions or breach of fiduciary duty.

Let’s look at a few fiduciary liability insurance claim examples in order to see just how the policy would take effect in certain scenarios.

Fiduciary claims examples

The following example demonstrates a “failure to disclose” vital information. Let’s say that an employee is injured on the job and later discovers their employer, unbeknownst to them, switched medical insurance carriers. The change ended up providing the employee with a reduced coverage amount, which meant they owed money for unpaid medical bills. They would certainly sue the employer for any unpaid medical bills because of failing to disclose this change.

Another example is an administrative error, whereby Human Resources personnel might incorrectly communicate the wrong contribution percentage of a new employee to the plan trustee. If at the end of the year, the employee claims that they lost out on investment gains and tax benefits due to the error this would also be considered a fiduciary liability issue.

Other violations include failing to enroll an employee into the company sponsored disability program when they have paid into it, or violations of the tax code, which is likely to include penalties and fines when investigated by the Internal Revenue Service. These fiduciary liability insurance claim examples clearly demonstrate how mistakes are often made unintentionally but can result in costly consequences.

If you purchase fiduciary liability insurance for your company and employees engaged in fiduciary roles, realize that the policy doesn’t extend to any outside advisers, consultants, or administrators of your benefits plans. These providers are solely responsible for securing their own coverage. Also, you should consider that even if you hire outside advisors to take on your plans’ fiduciary functions this doesn’t automatically exclude you from any associated liabilities. You can still be held responsible for monitoring these fiduciaries’ activities.

insurance for clubs

How To Reduce Liability Cases

Part of being the owner of a nightclub is handling potential insurance and liability problems at your business. There is special insurance for clubs that can help to handle specific cases, however it is also important to make sure you are reducing the likelihood of risk. Here are some things that you can do to help reduce the likelihood of problems at your company.

One thing you can do is make sure that your building and parking area is well kept up. This can help reduce the likelihood that someone will get injured either in the parking lot or in the building.

Another way to reduce liability problems is to make sure that you are carding people entering your club. Some bars and clubs have ways to identify a minor, such as a stamp or wristband, but it may be safer to just not let anyone underage into your club. Make sure that your employees are all aware of the procedures and following them every time.

There are many ways that you can prevent a potential liability problem is your establishment, but sometimes accidents still happen. Make sure that you look into insurance for clubs so that you are covered in the event that an accident does happen that is out of your control.

an insurance brokerage in Massachusetts

Finding Insurance for Your Business

Your business needs insurance coverage for many reasons, including protecting you, your employees and your company if anything happens. With the help of an insurance brokerage in Massachusetts, you can find the best plans for your needs. Your first step will probably be to find the right agent in your area to help design your coverage. You will probably start with an internet search and then narrow down your options. You can do this by looking at local agencies and their reputations.

The right agency will offer industry-specific plans and have knowledge of any local environmental concerns. For instance, if you live in a desert, you will probably need to have coverage for flash-flooding in addition to your basic building insurance. This can help you narrow down your options to the ones in your local area with the best reputation for quality plans and customer service.

An insurance brokerage in Massachusetts can help you design the right insurance coverage for almost every aspect of your business. These agencies can sit you down with a qualified and friendly agent to go over your needs and your budget to get the best coverage for the lowest price. The easiest way to find the right agency for your needs is to look for local agencies with good reputations. You can then sit down with them and determine whether you like working with the agent.

Texas cargo insurance

What To Do With Damaged Cargo

It can happen to anyone: you order something online and it either gets lost in the mail or gets severely damaged by the time it gets to your door. If you are the customer, you may get very mad at the shipping company. If you are the shipping company, you probably see this happen a lot. With Texas cargo insurance, you can help cover the expenses of reimbursing the purchaser in the event that something happens to a large shipment of yours. Here is something that you can do if this happens to you.

The first thing you should do as the cargo carrier has your customers inspect their shipments when they arrive at the warehouse. Make sure that they have counted everything they received so that they know nothing is missing, and have done a thorough check for damages. In this way, you are doing your due diligence.

If there is a problem with the shipment, you can fill out the proper claim forms so that your customer can get compensated for any damages or lost items in the shipment. Being helpful in this matter can help keep the business relationship between you and your customers healthy. Consider getting Texas cargo insurance to help with this claim so that everyone can walk away happy.

commercial property insurance

Property Coverage: Insuring the Literal Foundation of Your Business

As business owners work to protect their operations from lawsuits, inventory shortages and all sorts of other financial pitfalls, there is a tendency to overlook the most important coverage of all: the property on which your company stands. While virtually no one forgets to acquire some form of commercial property insurance, too many business owners don’t take enough time to find the right type of coverage for their property and particular business practices. Insuring a building with a generic policy isn’t enough; you need coverage specific to your location and industry.

Beyond the physical structure that needs protecting, commercial property insurance helps in a variety of other instances. If you have either inventory or heavy machinery to protect, that should be included in your plan. Depending on the region where you work, you may need increased protection from vandalism. No business in Orlando is safe from the weather, making that coverage an immensely important part of your policy.

No matter what type of business you conduct or where your company is located, property coverage should be thoroughly addressed. In some cases, you may be able to bundle property and liability coverage, but that should only be done in the right circumstances. Reach out to local agents so you can find out who’s best qualified to provide your coverage.

cargo insurance in Texas

Coverage for Supply Chain Agencies

Taking on the responsibility of handling the products and goods of businesses who depend on your services comes with certain risks and exposures. In the course of transporting and delivering goods, items could be damaged, lost or stolen and claims made that require that clients be repaid for any items not recoverable. When delivering goods you often wind up dealing with numerous barriers that have to be overcome, including accidents, bad weather, road closures and other issues resulting in delays.

Your need for cargo insurance in Texas is quite clear, given the costs that may be required to make up for any items not successfully delivered to the end users. Companies value your expertise as a specialist in your field, someone who can manage any obstacles in their way and get the job done efficiently. When things don’t work out, and restitution is in order, the need for cargo insurance comes into play.

Several companies often involved in this process

Situations exist where several transportation companies are involved in the movement of the items being shipped prior to their arriving at their final destination. This may be due to the nature of the items being transported. During those times when freight moves from one supplier to another is often where the danger lies. A miscommunication, or errors in labeling of goods, as well as other problems, can result in mishaps.

You may be functioning as an intermediary between the client and various transportation services that are involved in getting the product overseas to a customer. Your job may be to deal with many assorted export and import issues involved in the movement of the goods, but the simple fact is, your duty is to get the product to the customer by a specific date and without any damage being incurred.

As a way to improve conditions, you may want to coach the customer on how to package their products for transport, explain how to correctly label items, and make sure that they provide proper documentation. Instruct them in procedures involving any hazardous materials, and make sure they have the correct country of origin, weight in pounds and kilograms, any necessary port of entry details, and any other information required.

These are a few key reasons why you should be carrying cargo insurance in Texas since any one of these issues could result in items not arriving on time or unscathed.

 

insurance for marinas

For Marinas, Comprehensive Insurance Is a Smart Investment

Marinas are unique places. Not only do they host frequent visitors, they house expensive boats and other vessels. For marina owners, protecting company assets without the right insurance for marinas can be tricky. Informed owners often choose to purchase a comprehensive package after consulting with an experienced agent.

Planning for Everyday Occurrences

Given the nature of their business model, marinas encounter hazards daily. Members may slip on the pooled water in an entryway or fall into deep water near a dock. Meanwhile, boats may float into other vessels, causing serious damage. Accordingly, marina owners often plan for everyday occurrences by purchasing the following insurance:

  • Facility and grounds coverage
  • Member property coverage
  • Hull and liability coverage
  • General business coverage

Getting Special Events Right

Most marinas host special events that expose them to additional liability. For these, marina owners often purchase the following coverage:

  • Sailing school training
  • Regatta liability
  • Chartering
  • Race management

Since marina owners usually aren’t insurance experts, most opt to discuss their insurance needs with a provider who understands boats and marinas. Whether a marina is large or small, it faces risks that other businesses easily avoid. To protect assets and avoid liability, owners often purchase comprehensive insurance for marinas. With the right agent and an appropriate package, marinas generally have the ability to thrive.